	 
					
			
	 


	clear 


				 
	use  "$Replicationdirectory/_Work/TEMP/PANEL_ALLEVENTS_ytm"



 

	 
		  gen bonds_strictly_comparable=1
		  
		   	 replace bonds_strictly_comparable=0 if market=="amsterdam"  & day_in_sample>=1988
			 replace bonds_strictly_comparable=0 if market=="zurich"  & day_in_sample>=1929
		  	 replace bonds_strictly_comparable=0 if market=="paris" & day_in_sample>=3105
 
	 
				 
	**** summary statistics
	
	 
		  
		
		* sources
			 
		gsort +ID_running_EVENT  +SOURCE
		order ID_running_EVENT  SOURCE
		
		by ID_running_EVENT : replace SOURCE = SOURCE[_N]

		
		
		
									  
						
		
						 
		****								
		* Is London Shocked? 
		***	
		 
			
		gen London_treated_p=1 if ANY_TREATEDGROUP==1 &market=="london"
		
		 
		
		egen   London_treated=sum(London_treated_p), by(ID_running_EVENT)
		
		egen  tot_treated=sum(ANY_TREATEDGROUP),  by(ID_running_EVENT)
		
		 
		
		gen EVENT_ONLY_LDN_TREAT=1 if tot_treated==London_treated
			
		replace EVENT_ONLY_LDN_TREAT=0 if EVENT_ONLY_LDN_TREAT==.	
		
		gen  LONDON_TREATED=1 if London_treated!=0 & market=="london"
		replace LONDON_TREATED=0 if LONDON_TREATED==.
		
		
		
		
		
		* Summary stats in general
		
					
 
				 
					
					  
 										
					* HOMOGENOUS SHOCKS  (affecting all creditors)
					sum ID_running_EVENT if    HET_NEG_NEWS!=1 & NEG_NEWS_EVENT==1
					di r(N)/11/4
					
					sum ID_running_EVENT if    HET_POS_NEWS!=1 & POS_NEWS_EVENT==1
					di r(N)/11/4

					 
					* London only shocks  (affecting London only)
					sum ID_running_EVENT if   EVENT_ONLY_LDN_TREAT==1 &  HET_NEG_NEWS==1 
					di r(N)/11/4
					
					sum ID_running_EVENT if   EVENT_ONLY_LDN_TREAT==1    & HET_POS_NEWS==1 
					di r(N)/11/4



					
					* HETEROGENOUS SHOCKS  (affecting junior creditor only)
					sum ID_running_EVENT      if   EVENT_ONLY_LDN_TREAT!=1 & HET_NEG_NEWS==1 
					di r(N)/11/4
							
							* London not treated 
							 sum       if   London_treated==0  & HET_NEG_NEWS==1 
							di r(N)/11/4

					sum  ID_running_EVENT      if   EVENT_ONLY_LDN_TREAT!=1 & HET_POS_NEWS==1  
					di r(N)/11/4
				 			   
							   
							* London not treated    
							sum  ID_running_EVENT      if   London_treated==0 & HET_POS_NEWS==1  
							di r(N)/11/4

		 
				 			     
 	
				
					 

			
				
 
 
			
		
		
		 
		  
		* Drop events for which there are no obs either in the window before or after (these should be dropped in any case because of collinearity)  
			egen spread_before_p =mean(spread_ytm) if PERIOD_TREATMENT==0  & market!="london", by(EVENt_ID_MARKET)
			
			egen spread_after_p  =mean(spread_ytm) if PERIOD_TREATMENT==1 & market!="london", by(EVENt_ID_MARKET)

			
			
			egen spread_before =mean(spread_before_p) if market!="london" , by(EVENt_ID_MARKET)
			egen spread_after   =mean(spread_after_p) if market!="london" , by(EVENt_ID_MARKET)
			
			
			 
			 
			
			 
			 
			  drop if spread_after==.  	& market!="london"
			  drop if spread_before==.	& market!="london"
			
			 
		 
   		* Generate post-treatment variable for events, in which 1 or 2 European creditors are treated with information but the other(s) is/are not. ///
		*Those where only London is treated are decleared as missing values in this variable 
			
			egen treated_event=sum(ANY_TREATEDGROUP) 	if  market!="london", by(ID_running_EVENT)
			
			egen obs_event=count(ID_running_EVENT) 	if market!="london", by(ID_running_EVENT)
			
 			gen HET_EVENT=1 if treated_event!=0 &   treated_event!=obs_event  	& market!="london"   
			
			
			* Classify all other events HET=0 if London is not involved
			* Mark those events as "missing" in which the treated country drops out for lack of data 
			* This ensures that these non-treated are not used in the regressions 

			replace  HET_EVENT=0 if  HET_EVENT==. & EVENT_ONLY_LDN_TREAT!=1 
			
			 	replace  HET_EVENT=. if    HET_POS_NEWS==1  & HET_EVENT==0 & EVENT_ONLY_LDN_TREAT!=1 
			 	replace  HET_EVENT=. if    HET_NEG_NEWS==1  & HET_EVENT==0 & EVENT_ONLY_LDN_TREAT!=1 
				
		
			egen PERIOD_EVENT=group(PERIOD_TREATMENT ID_running_EVENT)
			
			 
		
  		
		
		* save data for appendix exercises regarding risk of any default and general default 
		save "$Replicationdirectory/_Work/TEMP/events_Regression_NonSelectiveRISK", replace 
			
			
			* Drop London Market 
					  
				drop if market=="london"

		* calculate conditional selective default risk

  			 
			gen risk_conditional= 100*(spread_ytm/(ytm-y_consol_London))
			gen risk_conditional_lastavail= 100*(spread_ytm_lastavail/(ytm_lastavail-y_consol_London))
 
 

 
	*** LONDON ONLY
						label var spread_ytm "Yield spread"
						label var PERIOD_TREATMENT "News shock"
						label var TE_POS_NEWS  	"News shock (pos)"
						label var TE_NEG_NEWS	"News shock (neg)"
						label var spread_liquidity "Liquidity spread"
						
						
						
						**** No interpolation
									eststo clear
									
								  
								
								
 							
							* Yield spread
								 
									
									* liquidity control 
										eststo LDNonly_bad_LIQ: reghdfe  spread_ytm     	 	    PERIOD_TREATMENT		  	   	spread_liquidity   ///
										if  NEG_NEWS_EVENT==1	&  EVENT_ONLY_LDN_TREAT==1		, absorb(EVENt_ID_MARKET    )   				 cluster(EVENt_ID_MARKET    date   )
												estadd local LiquidityControl="$\checkmark$"
										
										eststo LDNonly_good_LIQ: reghdfe  spread_ytm    	 	   	PERIOD_TREATMENT		 	    spread_liquidity	///
										if  POS_NEWS_EVENT==1	&  EVENT_ONLY_LDN_TREAT==1	 		, absorb(EVENt_ID_MARKET  )   				  cluster(EVENt_ID_MARKET      date    )
												estadd local LiquidityControl="$\checkmark$"

											
									* liquidity control & Paris data only											
										eststo LDNonly_bad_LIQ_Paris: reghdfe  spread_ytm     	 	    PERIOD_TREATMENT		  	   	spread_liquidity  ///
										if  NEG_NEWS_EVENT==1	&  EVENT_ONLY_LDN_TREAT==1	& market=="paris", absorb(EVENt_ID_MARKET    )   	 cluster(     EVENt_ID_MARKET      date   )
												estadd local LiquidityControl="$\checkmark$"
												estadd local Parisonly="$\checkmark$"

										eststo LDNonly_good_LIQ_Paris: reghdfe  spread_ytm    	 	   	PERIOD_TREATMENT		 	    spread_liquidity	///
										if  POS_NEWS_EVENT==1	&  EVENT_ONLY_LDN_TREAT==1	& market=="paris", absorb(EVENt_ID_MARKET  )   		 cluster(       EVENt_ID_MARKET      date    )
												estadd local LiquidityControl="$\checkmark$"
												estadd local Parisonly="$\checkmark$"									
										
									
									
									  
							* Conditional risk
							 		
							 									
									
									* liquidity control 									
									eststo LDNonly_bad_con_LIQ: reghdfe  risk_conditional     	 	   		PERIOD_TREATMENT		    spread_liquidity 	///
									if  NEG_NEWS_EVENT==1	&  EVENT_ONLY_LDN_TREAT==1, absorb(EVENt_ID_MARKET  )   				cluster(EVENt_ID_MARKET    date   )
												estadd local LiquidityControl="$\checkmark$"

									eststo LDNonly_good_con_LIQ: reghdfe  risk_conditional    	PERIOD_TREATMENT		     spread_liquidity	///
									if  POS_NEWS_EVENT==1	&  EVENT_ONLY_LDN_TREAT==1, absorb(EVENt_ID_MARKET  )   	 			cluster(EVENt_ID_MARKET      date    )
												estadd local LiquidityControl="$\checkmark$"
									
							 
									* liquidity control & Paris data only																				
									eststo LDNonly_bad_con_PARIS: reghdfe  risk_conditional     	 	  	PERIOD_TREATMENT		 	    spread_liquidity	///
									if  NEG_NEWS_EVENT==1	&  EVENT_ONLY_LDN_TREAT==1	& market=="paris", absorb(EVENt_ID_MARKET  ) 	cluster(EVENt_ID_MARKET     date   )		
												estadd local LiquidityControl="$\checkmark$"
												estadd local Parisonly="$\checkmark$"
									
									eststo LDNonly_good_con_PARIS: reghdfe  risk_conditional     	 	   	PERIOD_TREATMENT		 	    spread_liquidity	 ///
									if  POS_NEWS_EVENT==1	&  EVENT_ONLY_LDN_TREAT==1	& market=="paris", absorb(EVENt_ID_MARKET    )  cluster(  EVENt_ID_MARKET     date    )
												estadd local LiquidityControl="$\checkmark$"
												estadd local Parisonly="$\checkmark$"

									
 
 									
											
										
									**** Main results (RTF)
									esttab     LDNonly_good_LIQ     LDNonly_good_LIQ_Paris    LDNonly_bad_LIQ  LDNonly_bad_LIQ_Paris      LDNonly_good_con_LIQ    ///
									LDNonly_good_con_PARIS       LDNonly_bad_con_LIQ    LDNonly_bad_con_PARIS                ///
									using "$Replicationdirectory/_Work/Output/TABS/Table6_SeniorOnly.rtf", drop(    _cons spread_liquidity) replace b(2) se(2) onecell label    compress ///
									stats( LiquidityControl Parisonly  N N_clust      r2_a r2_within, fmt(0  0 0 0 2 2 ) labels("Liquidity control" "Paris data only" ///
									"\emph{N} (Observations)" "\emph{N} (Events)" "Adjusted \emph{R}\textsuperscript{2}" "Within \emph{R}\textsuperscript{2}"))  ///  
									title ("SPREAD - News for London only") modelwidth(6) nogap star( * 0.1 ** 0.05 *** 0.01) 
										
										 	  
											     
													 
									**** Main results (TEX)
									/*
									esttab     LDNonly_good_LIQ     LDNonly_good_LIQ_Paris    LDNonly_bad_LIQ  LDNonly_bad_LIQ_Paris      LDNonly_good_con_LIQ    ///
									LDNonly_good_con_PARIS       LDNonly_bad_con_LIQ    LDNonly_bad_con_PARIS                ///
									using "$Replicationdirectory/_Work/Output/TABS/Table6_SeniorOnly.tex",  label drop(    _cons spread_liquidity) replace b(2) se(2) onecell label     compress ///
									stats( LiquidityControl Parisonly  N N_clust      r2_a r2_within, fmt(0  0 0 0 2 2 ) labels("Liquidity control" "Paris data only" ///
									"\emph{N} (Observations)" "\emph{N} (Events)" "Adjusted \emph{R}\textsuperscript{2}" "Within \emph{R}\textsuperscript{2}"))  ///  
									title ("SPREAD - News for London only") modelwidth(6) nogap star( * 0.1 ** 0.05 *** 0.01) 
									*/		
											
										 
 						**** Last available value interpolation (Appendix)
									eststo clear
									
								  
								 
								
 							
							* Yield spread
  	
									* liquidity control 
										eststo LDNonly_bad_LIQ: reghdfe  spread_ytm_lastavail     	 	    PERIOD_TREATMENT		  	   	spread_liquidity   ///
										if  NEG_NEWS_EVENT==1	&  EVENT_ONLY_LDN_TREAT==1		, absorb(EVENt_ID_MARKET    )   				 cluster(EVENt_ID_MARKET    date   )
												estadd local LiquidityControl="$\checkmark$"
										
										eststo LDNonly_good_LIQ: reghdfe  spread_ytm_lastavail    	 	   	PERIOD_TREATMENT		 	    spread_liquidity	///
										if  POS_NEWS_EVENT==1	&  EVENT_ONLY_LDN_TREAT==1	 		, absorb(EVENt_ID_MARKET  )   				  cluster(EVENt_ID_MARKET      date    )
												estadd local LiquidityControl="$\checkmark$"

											
									* liquidity control & Paris data only											
										eststo LDNonly_bad_LIQ_Paris: reghdfe  spread_ytm_lastavail     	 	    PERIOD_TREATMENT		  	   	spread_liquidity  ///
										if  NEG_NEWS_EVENT==1	&  EVENT_ONLY_LDN_TREAT==1	& market=="paris", absorb(EVENt_ID_MARKET    )   	 cluster(     EVENt_ID_MARKET      date   )
												estadd local LiquidityControl="$\checkmark$"
												estadd local Parisonly="$\checkmark$"

										eststo LDNonly_good_LIQ_Paris: reghdfe  spread_ytm_lastavail    	 	   	PERIOD_TREATMENT		 	    spread_liquidity	///
										if  POS_NEWS_EVENT==1	&  EVENT_ONLY_LDN_TREAT==1	& market=="paris", absorb(EVENt_ID_MARKET  )   		 cluster(       EVENt_ID_MARKET      date    )
												estadd local LiquidityControl="$\checkmark$"
												estadd local Parisonly="$\checkmark$"									
										
									
									
									
							* Conditional risk
							 	 									
									
									* liquidity control 									
									eststo LDNonly_bad_con_LIQ: reghdfe  risk_conditional_lastavail     	 	   		PERIOD_TREATMENT		    spread_liquidity 	///
									if  NEG_NEWS_EVENT==1	&  EVENT_ONLY_LDN_TREAT==1, absorb(EVENt_ID_MARKET  )   				cluster(EVENt_ID_MARKET    date   )
												estadd local LiquidityControl="$\checkmark$"

									eststo LDNonly_good_con_LIQ: reghdfe  risk_conditional_lastavail    	PERIOD_TREATMENT		     spread_liquidity	///
									if  POS_NEWS_EVENT==1	&  EVENT_ONLY_LDN_TREAT==1, absorb(EVENt_ID_MARKET  )   	 			cluster(EVENt_ID_MARKET      date    )
												estadd local LiquidityControl="$\checkmark$"
									
							 
									* liquidity control & Paris data only																				
									eststo LDNonly_bad_con_PARIS: reghdfe  risk_conditional_lastavail     	 	  	PERIOD_TREATMENT		 	    spread_liquidity	///
									if  NEG_NEWS_EVENT==1	&  EVENT_ONLY_LDN_TREAT==1	& market=="paris", absorb(EVENt_ID_MARKET  ) 	cluster(EVENt_ID_MARKET     date   )		
												estadd local LiquidityControl="$\checkmark$"
												estadd local Parisonly="$\checkmark$"
									
									eststo LDNonly_good_con_PARIS: reghdfe  risk_conditional_lastavail     	 	   	PERIOD_TREATMENT		 	    spread_liquidity	 ///
									if  POS_NEWS_EVENT==1	&  EVENT_ONLY_LDN_TREAT==1	& market=="paris", absorb(EVENt_ID_MARKET    )  cluster(  EVENt_ID_MARKET     date    )
												estadd local LiquidityControl="$\checkmark$"
												estadd local Parisonly="$\checkmark$"

									
 
 									
											
										
									**** Main results (RTF)
									esttab     LDNonly_good_LIQ     LDNonly_good_LIQ_Paris    LDNonly_bad_LIQ  LDNonly_bad_LIQ_Paris      LDNonly_good_con_LIQ    ///
									LDNonly_good_con_PARIS       LDNonly_bad_con_LIQ    LDNonly_bad_con_PARIS                ///
									using "$Replicationdirectory/_Work/Output/Appendices/Tables/Table_B4_SeniorOnly.rtf", drop(  _cons spread_liquidity) replace b(2) se(2) onecell label  compress ///
									stats( LiquidityControl Parisonly  N N_clust      r2_a r2_within, fmt(0  0 0 0 2 2 ) labels("Liquidity control" "Paris data only" ///
									"\emph{N} (Observations)" "\emph{N} (Events)" "Adjusted \emph{R}\textsuperscript{2}" "Within \emph{R}\textsuperscript{2}"))  ///  
									title ("SPREAD - News for London only") modelwidth(6) nogap star( * 0.1 ** 0.05 *** 0.01) 
										
										
										 	    
													
									**** Main results (TEX)
									/*
									esttab     LDNonly_good_LIQ     LDNonly_good_LIQ_Paris    LDNonly_bad_LIQ  LDNonly_bad_LIQ_Paris      LDNonly_good_con_LIQ    ///
									LDNonly_good_con_PARIS       LDNonly_bad_con_LIQ    LDNonly_bad_con_PARIS                ///
									using "$Replicationdirectory/_Work/Output/Appendices/Tables/Table_B4_SeniorOnly.tex",label drop(_cons spread_liquidity) replace b(2) se(2) onecell label ///
									compress	stats( LiquidityControl Parisonly  N N_clust      r2_a r2_within, fmt(0  0 0 0 2 2 ) labels("Liquidity control" "Paris data only" ///
									"\emph{N} (Observations)" "\emph{N} (Events)" "Adjusted \emph{R}\textsuperscript{2}" "Within \emph{R}\textsuperscript{2}"))  ///  
									title ("SPREAD - News for London only") modelwidth(6) nogap star( * 0.1 ** 0.05 *** 0.01) 
									*/
									 
											 
										  
										
							 
			 
   				 
		 
	*** Seniority 		 (Events affecting all continental creditors )
				
				
				**** No interpolation
				eststo clear

					
				
				
				* Yield spread
 									* liquidity control 												
									eststo 	Seniority_bad_LIQ: reghdfe spread_ytm     	 	   PERIOD_TREATMENT		 		    	spread_liquidity	///
									if HET_EVENT==0		& NEG_NEWS_EVENT==1  		, absorb(EVENt_ID_MARKET)   				 cluster(EVENt_ID_MARKET   date   )
										estadd local LiquidityControl="$\checkmark$"
									
									eststo 	Seniority_good_LIQ: reghdfe spread_ytm     	 	   PERIOD_TREATMENT		 		  		spread_liquidity	///
									if HET_EVENT==0 	& POS_NEWS_EVENT==1			, absorb(EVENt_ID_MARKET  )   				 cluster(EVENt_ID_MARKET     date )
										estadd local LiquidityControl="$\checkmark$"
									
									
 									* liquidity control & Paris data only											
									eststo 	Seniority_bad_LIQ_Paris: reghdfe spread_ytm     	  	   PERIOD_TREATMENT		 		       	 spread_liquidity	///
									if HET_EVENT==0		& NEG_NEWS_EVENT==1   	& market=="paris"	, absorb(EVENt_ID_MARKET )    	cluster( EVENt_ID_MARKET   date  )
											estadd local LiquidityControl="$\checkmark$"
											estadd local Parisonly="$\checkmark$"									
									
									eststo 	Seniority_good_LIQ_Paris: reghdfe spread_ytm     	 	   PERIOD_TREATMENT		 		   		 spread_liquidity	///
									if HET_EVENT==0 	& POS_NEWS_EVENT==1		& market=="paris"	, absorb(EVENt_ID_MARKET)  	 	cluster(EVENt_ID_MARKET     date )
											estadd local LiquidityControl="$\checkmark$"
											estadd local Parisonly="$\checkmark$"
						
						  
							* Conditional risk
							
								 
									* liquidity control 												
									eststo 	Seniority_bad_con_LIQ: reghdfe risk_conditional     	 	   PERIOD_TREATMENT		 		    	spread_liquidity ///
									if HET_EVENT==0		& NEG_NEWS_EVENT==1  			, absorb(EVENt_ID_MARKET)   				 cluster(EVENt_ID_MARKET   date   )
											estadd local LiquidityControl="$\checkmark$"
									
									eststo 	Seniority_good_con_LIQ: reghdfe risk_conditional     	 	   PERIOD_TREATMENT		 		  		spread_liquidity	///
									if HET_EVENT==0 	& POS_NEWS_EVENT==1				, absorb(EVENt_ID_MARKET  )   				 cluster(EVENt_ID_MARKET     date )
											estadd local LiquidityControl="$\checkmark$"
									
									
 									* liquidity control & Paris data only											
									eststo 	Seniority_bad_con_LIQ_Paris: reghdfe risk_conditional     	  	   PERIOD_TREATMENT		 		     spread_liquidity	///
									if HET_EVENT==0		& NEG_NEWS_EVENT==1   		& market=="paris", absorb(EVENt_ID_MARKET )   	 cluster(EVENt_ID_MARKET   date   )
											estadd local LiquidityControl="$\checkmark$"
											estadd local Parisonly="$\checkmark$"									
									
									eststo 	Seniority_go_con_LIQ_Paris: reghdfe risk_conditional     	 	   PERIOD_TREATMENT		  	spread_liquidity ///
									if HET_EVENT==0 	& POS_NEWS_EVENT==1		   	& market=="paris", absorb(EVENt_ID_MARKET)   	 cluster(EVENt_ID_MARKET     date )
											estadd local LiquidityControl="$\checkmark$"
											estadd local Parisonly="$\checkmark$"									
					
					
							**** Main results
							
										* RTF 
										esttab      Seniority_good_LIQ    Seniority_good_LIQ_Paris         Seniority_bad_LIQ  Seniority_bad_LIQ_Paris          Seniority_good_con_LIQ ///
										Seniority_go_con_LIQ_Paris       Seniority_bad_con_LIQ        Seniority_bad_con_LIQ_Paris  ///
										using "$Replicationdirectory/_Work/Output/TABS/Table5a_All.rtf", drop(    _cons spread_liquidity) replace b(2) se(2) onecell label    compress ///
										stats( LiquidityControl Parisonly  N N_clust      r2_a r2_within, fmt(0  0 0 0 2 2 ) labels("Liquidity control" "Paris data only"  ///
										"\emph{N}(Observations)" "\emph{N} (Events)" "Adjusted \emph{R}\textsuperscript{2}" "Within \emph{R}\textsuperscript{2}"))  ///  
										title ("SPREAD - News for London only") modelwidth(6) nogap star( * 0.1 ** 0.05 *** 0.01) 
											
											 
											
											  
													
										* TEX
										/*
										esttab      Seniority_good_LIQ    Seniority_good_LIQ_Paris         Seniority_bad_LIQ  Seniority_bad_LIQ_Paris          Seniority_good_con_LIQ   ///
										Seniority_go_con_LIQ_Paris       Seniority_bad_con_LIQ        Seniority_bad_con_LIQ_Paris      ///
										using "$Replicationdirectory/_Work/Output/TABS/Table5a_All.tex",  label drop(    _cons spread_liquidity) replace b(2) se(2) onecell label    compress ///
										stats( LiquidityControl Parisonly  N N_clust      r2_a r2_within, fmt(0  0 0 0 2 2 ) labels("Liquidity control" "Paris data only" ///
										"\emph{N} (Observations)" "\emph{N} (Event-market)" "Adjusted \emph{R}\textsuperscript{2}" "Within \emph{R}\textsuperscript{2}"))  ///  
										title ("SPREAD - News for London only") modelwidth(6) nogap star( * 0.1 ** 0.05 *** 0.01) 
										*/
																		
					
					
					 
					
				 
  
				* Financial only 						
	
	
							eststo clear 
	
							* Yield spread
 						 
									* liquidity control 												
									eststo 	Seniority_bad_LIQ: reghdfe spread_ytm     	 	   PERIOD_TREATMENT		 		    	spread_liquidity	 	///
									if HET_EVENT==0		& NEG_NEWS_EVENT==1 & NEG_FINANCIAL_EVENT==1, absorb(EVENt_ID_MARKET)   				 cluster(EVENt_ID_MARKET   date   )
											estadd local LiquidityControl="$\checkmark$"
									
									eststo 	Seniority_good_LIQ: reghdfe spread_ytm     	 	   PERIOD_TREATMENT		 		  		spread_liquidity		///	
									if HET_EVENT==0 	& POS_NEWS_EVENT==1	 & POS_FINANCIAL_EVENT==1, absorb(EVENt_ID_MARKET  )   				 cluster(EVENt_ID_MARKET     date )
											estadd local LiquidityControl="$\checkmark$"
									
									
 									* liquidity control & Paris data only											
									eststo 	Seniority_bad_LIQ_Paris: reghdfe spread_ytm     	  	   PERIOD_TREATMENT		 		 spread_liquidity	 	///				
									if HET_EVENT==0		& NEG_NEWS_EVENT==1  & NEG_FINANCIAL_EVENT==1 & market=="paris", absorb(EVENt_ID_MARKET )    cluster( EVENt_ID_MARKET     date    )
											estadd local LiquidityControl="$\checkmark$"
											estadd local Parisonly="$\checkmark$"									
									
									eststo 	Seniority_good_LIQ_Paris: reghdfe spread_ytm     	 	   PERIOD_TREATMENT		 		 spread_liquidity		///
									if HET_EVENT==0 	& POS_NEWS_EVENT==1 & POS_FINANCIAL_EVENT==1		& market=="paris", absorb(EVENt_ID_MARKET)  cluster(EVENt_ID_MARKET     date )
											estadd local LiquidityControl="$\checkmark$"
											estadd local Parisonly="$\checkmark$"
						
						  
							* Conditional risk
							 
									* liquidity control 												
									eststo 	Seniority_bad_con_LIQ: reghdfe risk_conditional     	 	   PERIOD_TREATMENT		 		    	spread_liquidity	///
									if HET_EVENT==0		& NEG_NEWS_EVENT==1  	& NEG_FINANCIAL_EVENT==1, absorb(EVENt_ID_MARKET)   				 cluster(EVENt_ID_MARKET   date   )
											estadd local LiquidityControl="$\checkmark$"
									
									eststo 	Seniority_good_con_LIQ: reghdfe risk_conditional     	 	   PERIOD_TREATMENT		 		  		spread_liquidity	///
									if HET_EVENT==0 	& POS_NEWS_EVENT==1	 	& POS_FINANCIAL_EVENT==1, absorb(EVENt_ID_MARKET  )   				 cluster(EVENt_ID_MARKET     date )
											estadd local LiquidityControl="$\checkmark$"
									
									
 									* liquidity control & Paris data only											
									eststo 	Seniority_bad_con_LIQ_Paris: reghdfe risk_conditional     	  	   PERIOD_TREATMENT		 		     spread_liquidity	///
									if HET_EVENT==0		& NEG_NEWS_EVENT==1   	& market=="paris"	& NEG_FINANCIAL_EVENT==1 , absorb(EVENt_ID_MARKET )   cluster(EVENt_ID_MARKET   date   )
											estadd local LiquidityControl="$\checkmark$"
											estadd local Parisonly="$\checkmark$"									
									
									eststo 	Seniority_go_con_LIQ_Paris: reghdfe risk_conditional     	 	   PERIOD_TREATMENT		  	spread_liquidity	 	///
									if HET_EVENT==0 	& POS_NEWS_EVENT==1		& market=="paris"	 & POS_FINANCIAL_EVENT==1 , absorb(EVENt_ID_MARKET)   cluster(EVENt_ID_MARKET     date )
											estadd local LiquidityControl="$\checkmark$"
											estadd local Parisonly="$\checkmark$"									
					
					
					
									**** Main results

 									
										* RTF 
										esttab      Seniority_good_LIQ    Seniority_good_LIQ_Paris         Seniority_bad_LIQ  Seniority_bad_LIQ_Paris          Seniority_good_con_LIQ   ///
										Seniority_go_con_LIQ_Paris       Seniority_bad_con_LIQ        Seniority_bad_con_LIQ_Paris       ///
										using "$Replicationdirectory/_Work/Output/TABS/Table5b_ALL_financial.rtf", drop(    _cons spread_liquidity) replace b(2) se(2) onecell label  ///
										compress   stats( LiquidityControl Parisonly  N N_clust      r2_a r2_within, fmt(0  0 0 0 2 2 ) labels("Liquidity control" "Paris data only" ///
										"\emph{N} (Observations)" "\emph{N} (Event-market)" "Adjusted \emph{R}\textsuperscript{2}" "Within \emph{R}\textsuperscript{2}"))  ///  
										title ("SPREAD - News for London only") modelwidth(6) nogap star( * 0.1 ** 0.05 *** 0.01) 
											
											  
													
										* TEX
										/*
										esttab      Seniority_good_LIQ    Seniority_good_LIQ_Paris         Seniority_bad_LIQ  Seniority_bad_LIQ_Paris          Seniority_good_con_LIQ   ///
										Seniority_go_con_LIQ_Paris       Seniority_bad_con_LIQ        Seniority_bad_con_LIQ_Paris       ///
										using "$Replicationdirectory/_Work/Output/TABS/Table5b_ALL_financial.tex",  label drop(    _cons spread_liquidity) replace b(2) se(2) onecell label  ///
										compress   stats( LiquidityControl Parisonly  N N_clust      r2_a r2_within, fmt(0  0 0 0 2 2 ) ///
										labels("Liquidity control" 	"Paris data only" "\emph{N} (Observations)" "\emph{N} (Event-market)" ///
										"Adjusted \emph{R}\textsuperscript{2}" "Within \emph{R}\textsuperscript{2}")) ///  
										title ("SPREAD - News for London only") modelwidth(6) nogap star( * 0.1 ** 0.05 *** 0.01) 
										*/
 
									 
									 
				**** Last available yield interpolation
				eststo clear

					
				
				
				* Yield spread
 									* liquidity control 												
									eststo 	Seniority_bad_LIQ: reghdfe spread_ytm_lastavail     	 	   PERIOD_TREATMENT		 		    	spread_liquidity	///
									if HET_EVENT==0		& NEG_NEWS_EVENT==1  		, absorb(EVENt_ID_MARKET)   				 cluster(EVENt_ID_MARKET   date   )
										estadd local LiquidityControl="$\checkmark$"
									
									eststo 	Seniority_good_LIQ: reghdfe spread_ytm_lastavail     	 	   PERIOD_TREATMENT		 		  		spread_liquidity	///
									if HET_EVENT==0 	& POS_NEWS_EVENT==1			, absorb(EVENt_ID_MARKET  )   				 cluster(EVENt_ID_MARKET     date )
										estadd local LiquidityControl="$\checkmark$"
									
									
 									* liquidity control & Paris data only											
									eststo 	Seniority_bad_LIQ_Paris: reghdfe spread_ytm_lastavail     	  	   PERIOD_TREATMENT		 		       	 spread_liquidity	///
									if HET_EVENT==0		& NEG_NEWS_EVENT==1   	& market=="paris"	, absorb(EVENt_ID_MARKET )    	cluster( EVENt_ID_MARKET   date  )
											estadd local LiquidityControl="$\checkmark$"
											estadd local Parisonly="$\checkmark$"									
									
									eststo 	Seniority_good_LIQ_Paris: reghdfe spread_ytm_lastavail     	 	   PERIOD_TREATMENT		 		   		 spread_liquidity	///
									if HET_EVENT==0 	& POS_NEWS_EVENT==1		& market=="paris"	, absorb(EVENt_ID_MARKET)  	 	cluster(EVENt_ID_MARKET     date )
											estadd local LiquidityControl="$\checkmark$"
											estadd local Parisonly="$\checkmark$"
						
						  
							* Conditional risk
							
								 
									* liquidity control 												
									eststo 	Seniority_bad_con_LIQ: reghdfe risk_conditional_lastavail     	 	   PERIOD_TREATMENT		 		    	spread_liquidity ///
									if HET_EVENT==0		& NEG_NEWS_EVENT==1  			, absorb(EVENt_ID_MARKET)   				 cluster(EVENt_ID_MARKET   date   )
											estadd local LiquidityControl="$\checkmark$"
									
									eststo 	Seniority_good_con_LIQ: reghdfe risk_conditional_lastavail     	 	   PERIOD_TREATMENT		 		  		spread_liquidity	///
									if HET_EVENT==0 	& POS_NEWS_EVENT==1				, absorb(EVENt_ID_MARKET  )   				 cluster(EVENt_ID_MARKET     date )
											estadd local LiquidityControl="$\checkmark$"
									
									
 									* liquidity control & Paris data only											
									eststo 	Seniority_bad_con_LIQ_Paris: reghdfe risk_conditional_lastavail     	  	   PERIOD_TREATMENT		 		     spread_liquidity	///
									if HET_EVENT==0		& NEG_NEWS_EVENT==1   		& market=="paris", absorb(EVENt_ID_MARKET )   	 cluster(EVENt_ID_MARKET   date   )
											estadd local LiquidityControl="$\checkmark$"
											estadd local Parisonly="$\checkmark$"									
									
									eststo 	Seniority_go_con_LIQ_Paris: reghdfe risk_conditional_lastavail     	 	   PERIOD_TREATMENT		  	spread_liquidity ///
									if HET_EVENT==0 	& POS_NEWS_EVENT==1		   	& market=="paris", absorb(EVENt_ID_MARKET)   	 cluster(EVENt_ID_MARKET     date )
											estadd local LiquidityControl="$\checkmark$"
											estadd local Parisonly="$\checkmark$"									
					
					
							**** Main results
							
										* RTF 
										esttab      Seniority_good_LIQ    Seniority_good_LIQ_Paris         Seniority_bad_LIQ  Seniority_bad_LIQ_Paris          Seniority_good_con_LIQ ///
										Seniority_go_con_LIQ_Paris       Seniority_bad_con_LIQ        Seniority_bad_con_LIQ_Paris  ///
										using "$Replicationdirectory/_Work/Output/Appendices/Tables/Table_B3a_SPREAD_All.rtf", ///
										drop(_cons spread_liquidity) replace b(2) se(2) onecell label    compress ///
										stats( LiquidityControl Parisonly  N N_clust      r2_a r2_within, fmt(0  0 0 0 2 2 ) labels("Liquidity control" "Paris data only"  ///
										"\emph{N}(Observations)" "\emph{N} (Events)" "Adjusted \emph{R}\textsuperscript{2}" "Within \emph{R}\textsuperscript{2}"))  ///  
										title ("SPREAD - News for London only") modelwidth(6) nogap star( * 0.1 ** 0.05 *** 0.01) 
											
											  
													
										* TEX
										/*
										esttab      Seniority_good_LIQ    Seniority_good_LIQ_Paris         Seniority_bad_LIQ  Seniority_bad_LIQ_Paris          Seniority_good_con_LIQ   ///
										Seniority_go_con_LIQ_Paris       Seniority_bad_con_LIQ        Seniority_bad_con_LIQ_Paris      ///
										using "$Replicationdirectory/_Work/Output/Appendices/Tables/Table_B3a_SPREAD_All.tex",  label ///
										drop(    _cons spread_liquidity) replace b(2) se(2) onecell label    compress ///
										stats( LiquidityControl Parisonly  N N_clust      r2_a r2_within, fmt(0  0 0 0 2 2 ) labels("Liquidity control" "Paris data only" ///
										"\emph{N} (Observations)" "\emph{N} (Event-market)" "Adjusted \emph{R}\textsuperscript{2}" "Within \emph{R}\textsuperscript{2}"))  ///  
										title ("SPREAD - News for London only") modelwidth(6) nogap star( * 0.1 ** 0.05 *** 0.01) 
										*/
																		
					
					
					 
					
				 
  
				* Financial only 						
	
	
							eststo clear 
	
							* Yield spread
 						 
									* liquidity control 												
									eststo 	Seniority_bad_LIQ: reghdfe spread_ytm_lastavail     	 	   PERIOD_TREATMENT		 		    	spread_liquidity	 	///
									if HET_EVENT==0		& NEG_NEWS_EVENT==1 & NEG_FINANCIAL_EVENT==1, absorb(EVENt_ID_MARKET)   				 cluster(EVENt_ID_MARKET   date   )
											estadd local LiquidityControl="$\checkmark$"
									
									eststo 	Seniority_good_LIQ: reghdfe spread_ytm_lastavail     	 	   PERIOD_TREATMENT		 		  		spread_liquidity		///	
									if HET_EVENT==0 	& POS_NEWS_EVENT==1	 & POS_FINANCIAL_EVENT==1, absorb(EVENt_ID_MARKET  )   				 cluster(EVENt_ID_MARKET     date )
											estadd local LiquidityControl="$\checkmark$"
									
									
 									* liquidity control & Paris data only											
									eststo 	Seniority_bad_LIQ_Paris: reghdfe spread_ytm_lastavail     	  	   PERIOD_TREATMENT		 		 spread_liquidity	 	///				
									if HET_EVENT==0		& NEG_NEWS_EVENT==1  & NEG_FINANCIAL_EVENT==1 & market=="paris", absorb(EVENt_ID_MARKET )    cluster( EVENt_ID_MARKET     date    )
											estadd local LiquidityControl="$\checkmark$"
											estadd local Parisonly="$\checkmark$"									
									
									eststo 	Seniority_good_LIQ_Paris: reghdfe spread_ytm_lastavail     	 	   PERIOD_TREATMENT		 		 spread_liquidity		///
									if HET_EVENT==0 	& POS_NEWS_EVENT==1 & POS_FINANCIAL_EVENT==1		& market=="paris", absorb(EVENt_ID_MARKET)  cluster(EVENt_ID_MARKET     date )
											estadd local LiquidityControl="$\checkmark$"
											estadd local Parisonly="$\checkmark$"
						
						  
							* Conditional risk
							 
									* liquidity control 												
									eststo 	Seniority_bad_con_LIQ: reghdfe risk_conditional_lastavail     	 	   PERIOD_TREATMENT		 		    	spread_liquidity	///
									if HET_EVENT==0		& NEG_NEWS_EVENT==1  	& NEG_FINANCIAL_EVENT==1, absorb(EVENt_ID_MARKET)   				 cluster(EVENt_ID_MARKET   date   )
											estadd local LiquidityControl="$\checkmark$"
									
									eststo 	Seniority_good_con_LIQ: reghdfe risk_conditional_lastavail     	 	   PERIOD_TREATMENT		 		  		spread_liquidity	///
									if HET_EVENT==0 	& POS_NEWS_EVENT==1	 	& POS_FINANCIAL_EVENT==1, absorb(EVENt_ID_MARKET  )   				 cluster(EVENt_ID_MARKET     date )
											estadd local LiquidityControl="$\checkmark$"
									
									
 									* liquidity control & Paris data only											
									eststo 	Seniority_bad_con_LIQ_Paris: reghdfe risk_conditional_lastavail     	  	   PERIOD_TREATMENT		 		     spread_liquidity	///
									if HET_EVENT==0		& NEG_NEWS_EVENT==1   	& market=="paris"	& NEG_FINANCIAL_EVENT==1 , absorb(EVENt_ID_MARKET )   cluster(EVENt_ID_MARKET   date   )
											estadd local LiquidityControl="$\checkmark$"
											estadd local Parisonly="$\checkmark$"									
									
									eststo 	Seniority_go_con_LIQ_Paris: reghdfe risk_conditional_lastavail     	 	   PERIOD_TREATMENT		  	spread_liquidity	 	///
									if HET_EVENT==0 	& POS_NEWS_EVENT==1		& market=="paris"	 & POS_FINANCIAL_EVENT==1 , absorb(EVENt_ID_MARKET)   cluster(EVENt_ID_MARKET     date )
											estadd local LiquidityControl="$\checkmark$"
											estadd local Parisonly="$\checkmark$"									
					
					
					
									**** Main results

 									
										* RTF 
										esttab      Seniority_good_LIQ    Seniority_good_LIQ_Paris         Seniority_bad_LIQ  Seniority_bad_LIQ_Paris          Seniority_good_con_LIQ   ///
										Seniority_go_con_LIQ_Paris       Seniority_bad_con_LIQ        Seniority_bad_con_LIQ_Paris       ///
										using "$Replicationdirectory/_Work/Output/Appendices/Tables/Table_B3b_ALL_financial.rtf", ///
										drop(    _cons spread_liquidity) replace b(2) se(2) onecell label  ///
										compress   stats( LiquidityControl Parisonly  N N_clust      r2_a r2_within, fmt(0  0 0 0 2 2 ) labels("Liquidity control" "Paris data only" ///
										"\emph{N} (Observations)" "\emph{N} (Event-market)" "Adjusted \emph{R}\textsuperscript{2}" "Within \emph{R}\textsuperscript{2}"))  ///  
										title ("SPREAD - News for London only") modelwidth(6) nogap star( * 0.1 ** 0.05 *** 0.01) 
											
											  
													
										* TEX
										/*
										esttab      Seniority_good_LIQ    Seniority_good_LIQ_Paris         Seniority_bad_LIQ  Seniority_bad_LIQ_Paris          Seniority_good_con_LIQ   ///
										Seniority_go_con_LIQ_Paris       Seniority_bad_con_LIQ        Seniority_bad_con_LIQ_Paris       ///
										using "$Replicationdirectory/_Work/Output/Appendices/Tables/Table_B3b_ALL_financial.tex",  label ///
										drop(    _cons spread_liquidity) replace b(2) se(2) onecell label  ///
										compress   stats( LiquidityControl Parisonly  N N_clust      r2_a r2_within, fmt(0  0 0 0 2 2 ) ///
										labels("Liquidity control" 	"Paris data only" "\emph{N} (Observations)" "\emph{N} (Event-market)" ///
										"Adjusted \emph{R}\textsuperscript{2}" "Within \emph{R}\textsuperscript{2}")) ///  
										title ("SPREAD - News for London only") modelwidth(6) nogap star( * 0.1 ** 0.05 *** 0.01) 
										*/
																											 
									  
									 
									 
									 
 					 			 							
 			
 * 1 or 2 juniors treated while other junior not treated 		( and (1) London not treated 		+  (2) London treated as robustness 	)	
			  
			eststo clear
			
			**** No interpolation
 
						
						 
						
	 			
						eststo 	BAD_NEWS_SPREAD: reghdfe spread_ytm     	TE_NEG_NEWS   	 	spread_liquidity	i.PERIOD_EVENT		   ///
						if HET_NEG_NEWS==1  	&HET_EVENT==1				& 	London_treated==0 , absorb(EVENt_ID_MARKET) 			cluster(EVENt_ID_MARKET   date    )  
						
						eststo 	BAD_NEWS_SPREAD_LIQ: reghdfe spread_ytm      	 		TE_NEG_NEWS   	    spread_liquidity	i.PERIOD_EVENT  ///
						if HET_NEG_NEWS==1  	&HET_EVENT==1	 			& 	EVENT_ONLY_LDN_TREAT==0 , absorb(EVENt_ID_MARKET)    	cluster(EVENt_ID_MARKET      date )
				 
												 
						eststo 	BAD_NEWS_SPREAD_con: reghdfe risk_conditional      	 			TE_NEG_NEWS   	spread_liquidity 		i.PERIOD_EVENT		///
       		 			if HET_NEG_NEWS==1  	&HET_EVENT==1		& 	London_treated==0 , absorb(EVENt_ID_MARKET)   				 	cluster(EVENt_ID_MARKET     date  )
						
						eststo 	BAD_NEWS_SPREAD_LIQ_con: reghdfe risk_conditional      	 		TE_NEG_NEWS   	spread_liquidity    	i.PERIOD_EVENT  	///
						if HET_NEG_NEWS==1  	&HET_EVENT==1	 	& 	EVENT_ONLY_LDN_TREAT==0   , absorb(EVENt_ID_MARKET)   			cluster(EVENt_ID_MARKET    date    )
											
											
						eststo 	GOOD_NEWS_SPREAD: reghdfe spread_ytm      	TE_POS_NEWS   	 spread_liquidity			  i.PERIOD_EVENT		 		 	///
						if HET_POS_NEWS==1  	&HET_EVENT==1				& 	London_treated==0, absorb(EVENt_ID_MARKET)   			cluster(EVENt_ID_MARKET date       )
						
						eststo 	GOOD_NEWS_SPREAD_LIQ: reghdfe spread_ytm    TE_POS_NEWS   	spread_liquidity  	 	i.PERIOD_EVENT  		 			///
						if HET_POS_NEWS==1  	&HET_EVENT==1			& 	EVENT_ONLY_LDN_TREAT==0 , absorb(EVENt_ID_MARKET)   		cluster(EVENt_ID_MARKET date        )
				 
									 
						eststo 	GOOD_NEWS_SPREAD_con: reghdfe risk_conditional    	TE_POS_NEWS   	 	spread_liquidity		i.PERIOD_EVENT  		///
	 		 			if HET_POS_NEWS==1  	&HET_EVENT==1			& 	London_treated==0, absorb(EVENt_ID_MARKET)   				 cluster(EVENt_ID_MARKET  date      )
						
						eststo 	GOOD_NEWS_SPREAD_LIQ_con: reghdfe risk_conditional  TE_POS_NEWS   	spread_liquidity  	 	i.PERIOD_EVENT  		 	///
						if HET_POS_NEWS==1  	&HET_EVENT==1		& 	EVENT_ONLY_LDN_TREAT==0, absorb(EVENt_ID_MARKET)   				 cluster(EVENt_ID_MARKET     date    )
								
						**** Main results (RTF)
						esttab    GOOD_NEWS_SPREAD      GOOD_NEWS_SPREAD_LIQ   BAD_NEWS_SPREAD  BAD_NEWS_SPREAD_LIQ           GOOD_NEWS_SPREAD_con      GOOD_NEWS_SPREAD_LIQ_con ///
						BAD_NEWS_SPREAD_con  BAD_NEWS_SPREAD_LIQ_con   	                               using "$Replicationdirectory/_Work/Output/TABS/Table7_JuniorsOnly.rtf", ///
						drop(   *PERIOD_EVENT _cons) replace b(2) se(2) onecell label   compress stats(   N N_clust Fixed_Effect Sample    r2_a r2_within, fmt(%18.2g ))  ///  
						title ("SPREAD - Continental ranking ") modelwidth(6) nogap star( * 0.1 ** 0.05 *** 0.01) 
								
								 
										
						**** Main results (TEX)
						/*
						esttab    GOOD_NEWS_SPREAD      GOOD_NEWS_SPREAD_LIQ   BAD_NEWS_SPREAD  BAD_NEWS_SPREAD_LIQ           GOOD_NEWS_SPREAD_con      GOOD_NEWS_SPREAD_LIQ_con  ///
						BAD_NEWS_SPREAD_con  BAD_NEWS_SPREAD_LIQ_con   			         using "$Replicationdirectory/_Work/Output/TABS/Table7_SPREAD_rankingConti_ytm.tex", label ///
						drop(  *PERIOD_EVENT    _cons spread_liquidity) replace b(2) se(2) onecell label    compress ///
						stats( LiquidityControl Parisonly  N N_clust      r2_a r2_within, fmt(0  0 0 0 2 2 ) ///
						labels("Liquidity control" "Paris data only" "\emph{N} (Observations)" "\emph{N} (Events)" ///
						"Adjusted \emph{R}\textsuperscript{2}" "Within \emph{R}\textsuperscript{2}"))  ///  
						title ("SPREAD - News for London only") modelwidth(6) nogap star( * 0.1 ** 0.05 *** 0.01)  			 
						*/
								
										  
									 
				**** Last available yield interpolation
				eststo clear
						
						

						eststo 	BAD_NEWS_SPREAD: reghdfe spread_ytm_lastavail     	TE_NEG_NEWS   	 	spread_liquidity	i.PERIOD_EVENT		   ///
						if HET_NEG_NEWS==1  	&HET_EVENT==1				& 	London_treated==0 , absorb(EVENt_ID_MARKET) 			cluster(EVENt_ID_MARKET   date    )  
						
						eststo 	BAD_NEWS_SPREAD_LIQ: reghdfe spread_ytm_lastavail      	 		TE_NEG_NEWS   	    spread_liquidity	i.PERIOD_EVENT  ///
						if HET_NEG_NEWS==1  	&HET_EVENT==1	 			& 	EVENT_ONLY_LDN_TREAT==0 , absorb(EVENt_ID_MARKET)    	cluster(EVENt_ID_MARKET      date )
				 
												 
						eststo 	BAD_NEWS_SPREAD_con: reghdfe risk_conditional_lastavail      	 			TE_NEG_NEWS   	spread_liquidity 		i.PERIOD_EVENT		///
       		 			if HET_NEG_NEWS==1  	&HET_EVENT==1		& 	London_treated==0 , absorb(EVENt_ID_MARKET)   				 	cluster(EVENt_ID_MARKET     date  )
						
						eststo 	BAD_NEWS_SPREAD_LIQ_con: reghdfe risk_conditional_lastavail      	 		TE_NEG_NEWS   	spread_liquidity    	i.PERIOD_EVENT  	///
						if HET_NEG_NEWS==1  	&HET_EVENT==1	 	& 	EVENT_ONLY_LDN_TREAT==0   , absorb(EVENt_ID_MARKET)   			cluster(EVENt_ID_MARKET    date    )
											
											
						eststo 	GOOD_NEWS_SPREAD: reghdfe spread_ytm_lastavail      	TE_POS_NEWS   	 spread_liquidity			  i.PERIOD_EVENT		 		 	///
						if HET_POS_NEWS==1  	&HET_EVENT==1				& 	London_treated==0, absorb(EVENt_ID_MARKET)   			cluster(EVENt_ID_MARKET date       )
						
						eststo 	GOOD_NEWS_SPREAD_LIQ: reghdfe spread_ytm_lastavail    TE_POS_NEWS   	spread_liquidity  	 	i.PERIOD_EVENT  		 			///
						if HET_POS_NEWS==1  	&HET_EVENT==1			& 	EVENT_ONLY_LDN_TREAT==0 , absorb(EVENt_ID_MARKET)   		cluster(EVENt_ID_MARKET date        )
				 
									 
						eststo 	GOOD_NEWS_SPREAD_con: reghdfe risk_conditional_lastavail    	TE_POS_NEWS   	 	spread_liquidity		i.PERIOD_EVENT  		///
	 		 			if HET_POS_NEWS==1  	&HET_EVENT==1			& 	London_treated==0, absorb(EVENt_ID_MARKET)   				 cluster(EVENt_ID_MARKET  date      )
						
						eststo 	GOOD_NEWS_SPREAD_LIQ_con: reghdfe risk_conditional_lastavail  TE_POS_NEWS   	spread_liquidity  	 	i.PERIOD_EVENT  		 	///
						if HET_POS_NEWS==1  	&HET_EVENT==1		& 	EVENT_ONLY_LDN_TREAT==0, absorb(EVENt_ID_MARKET)   				 cluster(EVENt_ID_MARKET     date    )
								
						**** Main results (RTF)
						esttab    GOOD_NEWS_SPREAD      GOOD_NEWS_SPREAD_LIQ   BAD_NEWS_SPREAD  BAD_NEWS_SPREAD_LIQ           GOOD_NEWS_SPREAD_con      GOOD_NEWS_SPREAD_LIQ_con ///
						BAD_NEWS_SPREAD_con  BAD_NEWS_SPREAD_LIQ_con   	                               using "$Replicationdirectory/_Work/Output/Appendices/Tables/Table_B5_JuniorsOnly.rtf", ///
						drop(   *PERIOD_EVENT _cons) replace b(2) se(2) onecell label   compress stats(   N N_clust Fixed_Effect Sample    r2_a r2_within, fmt(%18.2g ))  ///  
						title ("SPREAD - Continental ranking ") modelwidth(6) nogap star( * 0.1 ** 0.05 *** 0.01) 
								
								 
										
						**** Main results (TEX)
						/*
						esttab    GOOD_NEWS_SPREAD      GOOD_NEWS_SPREAD_LIQ   BAD_NEWS_SPREAD  BAD_NEWS_SPREAD_LIQ           GOOD_NEWS_SPREAD_con      GOOD_NEWS_SPREAD_LIQ_con  ///
						BAD_NEWS_SPREAD_con  BAD_NEWS_SPREAD_LIQ_con   			         using "$Replicationdirectory/_Work/Output/Appendices/Tables/SPREAD_rankingConti_ytm.tex", label ///
						drop(  *PERIOD_EVENT    _cons spread_liquidity) replace b(2) se(2) onecell label    compress ///
						stats( LiquidityControl Parisonly  N N_clust      r2_a r2_within, fmt(0  0 0 0 2 2 ) ///
						labels("Liquidity control" "Paris data only" "\emph{N} (Observations)" "\emph{N} (Events)" ///
						"Adjusted \emph{R}\textsuperscript{2}" "Within \emph{R}\textsuperscript{2}"))  ///  
						title ("SPREAD - News for London only") modelwidth(6) nogap star( * 0.1 ** 0.05 *** 0.01)  						
						*/
						
					
 					
 					
					 